Miners Are Up To Something, But How Will Bitcoin Respond

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It has almost become a norm to accumulate Bitcoin whenever its price oscillates in the lower ranges. In fact, even though the king coin’s price has climbed well past $40k over the past few days, most of Bitcoin’s long-term investors are still in akumulacija mode. However, are miners doing the same too?

According to data from CryptoQuant, miners are most definitely clinging to their BTCs. Let’s consider the Miners’ Position Index’s reading, for starters. Generally, a value above 2 on this indicator implies that miners are actively participating in the sell market. Interestingly, at press time, the same shared a value of -0.67. In fact, the MPI has been consolidating under 0 for close to two months now.

MPI je razmerje med bitcoini, ki zapustijo denarnice vseh rudarjev, do enoletnega drsečega povprečja. Tako, da se na zadnje aktivnosti rudarjev nekoliko pozno odzove. Za potrditev trenda HODLinga poglejmo še odlive rudarjev.

Vir: CryptoQuant

Kot je razvidno iz priloženega grafikona, so kumulativni odlivi v zadnjih dveh mesecih komaj presegli mejo 5k. Predvsem, ko se je v začetku letošnjega leta rast cen BTC močno okrepila, so se odlivi znatno povečali. Še več, nekajkrat je isto prestopilo mejo 15k. Ker pa se je cena bitcoina aprila zvišala proti 64 USD ATH, so se odlivi spet znižali pod 5 tisoč.

Rudarji, ki se držijo svojih HODLings, so jasen pokazatelj njihovega zaupanja v dolgoročne možnosti BTC. Do neke mere je mogoče trditi, da se bitcoin tek še ni začel.

Furthermore, the total revenue for all miners has seen a substantial uptick over the past few days. According to Glassnode’s data, their earnings (fees + newly minted coins) surged by 156.98% from 27 June to 31 July. Miners, to a fair extent, depend upon their revenue to cover up their costs.

Povečanje te meritve torej poudarja dejstvo, da je potreba rudarjev, da likvidirajo svoje HODLings, trenutno minimalna.

Vir: Glassnode

Čeprav prodajni trg kot tak ne uspeva, je treba opozoriti, da prodaja ena posebna kategorija udeležencev na trgu.

In the macro okvir, the Average Spent Output Lifespan (ASOL) indicator has been moving around its lower range. In fact, over the past month, the ASOL reading has shrunk by more than half (from 105 to 40). This essentially implies that newer participants are the ones who are actively trading and dominating the market. Investors and miners, at this stage, are clasping their HODLings and patiently waiting for the bull run to commence.